SAN JOSE, Calif.–Even though data breaches and card compromises remain near daily news, most Americans continue to believe web and phone security measures are too complicated.
A new survey conducted by FICO and 72 Point of 2,000 U.S. adults found 81% don’t see the need for what they consider unnecessary security procedures.
Among the findings:
- Almost half (47%) are tired of having to answer endless security questions whenever they call customer service departments
- More than six in 10 (64%) don’t see the need for elaborate passwords featuring a mix of numbers, symbols and capital letters
- 48% are frustrated with the use of two-step verification, and seven in 10 (71%) are frustrated by “captcha codes,” which they say feature illegible words
- 65% find it annoying when email systems log them out as a security measure
- 78% said they struggle to keep track of all their passwords
- 22% said they would either give up on opening a bank account completely, or give up and try at a different bank if they were forced to jump through too many hoops, such as having to post documents or travel to a branch in person
- 71% think there are simply too many security measures nowadays
“There’s a real discrepancy here – consumers are glad their bank is protecting them, but they’re frustrated that the protection is making it harder for them to open accounts and make purchases,” says TJ Horan, who oversees fraud solutions at FICO. “When it comes to digital transformation, a smooth customer experience is going to be vital. The winners will be the firms that can balance this against the need to stop fraud.”